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House prices go up in Romania

House prices in Romaniahave risen by 40 per cent in the last year, according to new research.

Anglo-Romania Development (ARD) has attributed this growth to the increased affluence currently being enjoyed by local people.

This has come about as a result of wage increases across the country, which came in the wake of Romania's entry into the European Union.

The findings have prompted ARD to highlight the investment potential in areas such as Bucharest, which saw house prices rise by almost two-thirds during 2007.

According to the group, investors in the property market could potentially collect "excellent returns" if the economy continues to grow at the present rate.

Alex Pintea, managing director of ARD, commented: "I fully believe the real value and potential in Romania is at the top end of the market."

This comes after government figures cited by Ziarul Financiar revealed that visitor numbers in Romania went up by more than a quarter last year to 7.7 million.

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